News Shots
NHPC approved the amalgamation of Lanco Teesta Hydro Power Ltd. with self.
Vedanta Board is considering the second interim dividend on equity shares on 11th December.
Indian Energy Exchange approved a two-for-one bonus share issue.
UPL invested Rs 1.3 crore in 2,996 compulsorily convertible preference shares of Allfresh Supply Management Pvt. Ltd.
Asian Paints responded to a report by InGovern that alleges the company entered transactions with some of its related parties and failed to mitigate alleged conflict of interests.
Reliance BP Mobility Ltd., operating under the brand name Jio-bp and Mahindra Group announced a non-binding MoU for exploring the creation of EV products and services, alongside identifying synergies in low-carbon and conventional fuels.
HCL Technologies partners up with apoBank, the largest cooperative primary bank in Germany to acquire Gesellschaft für Banksysteme GmbH (gbs).
What to expect?
Yesterday, NIFTY opened with a huge gap-up at 17,319 following the global markets. The bullishness was sustained and NIFTY broke out of the consolidation range in the second half. Resistance was taken near the day-high of 3rd November and the index closed at 17,470, up 293 points or 1.71%.
BANK NIFTY opened with a good gap-up above 37,000, at 37,055 and after struggling for a while, gave a good up-move. Though the index looked confused in a range of fewer than 150 points, breakout took BANK NIFTY higher. The index closed at 37,285, up 666 points or 1.82%.
All the sectoral indices closed in the green.
The US markets closed in the green with S&P 500 filling the gap and Dow Jones ending the day flat. The European markets closed in the red after two days of rally.
Most of the Asian markets are trading higher. The U.S. Futures are flat and the European Futures are mixed.
SGX NIFTY is trading at 17,564 indicating another gap-up opening in NIFTY.
Major supports for NIFTY are at 17,435, 17,400, 17,325, 17,250 and 17,200. We can expect resistances at 17,490, 17,550, 17,600, 17,690 and 17,750.
BANK NIFTY has supports at 37,230, 37,000, 36,850 and 36,500. Resistances are at 37,500, 37,750, 38,000 and 38,100.
The highest call OI build-up in NIFTY is at 17,600. The highest put OI build-up is at 17,300.
BANK NIFTY has the highest call OI build-up at 38,000 followed by 37,500 and the highest put OI build-up is at 36,500 followed by 37,000.
INDIA VIX dropped by another 6.5% to 17.27.
Foreign Institutional Investors net sold shares worth Rs 579 crores. Domestic Institutional Investors net bought shares worth Rs 1,702 crores.
The Monetary Policy Committee decided to maintain the status quo as expected. RBI’s GPD growth forecast for Q3 is projected at 6.6%. RBI added that production in several fields has crossed the pre-pandemic levels.
DIIs and retailers were able to support the market despite the FII selling. The huge inflow of funds to DIIs and increased retailer participation has made the stand of FIIs less decisive in the Indian market.
Though the European markets look exhausted after the remarkable recovery, the US markets are continuing their up-move. The VIX which was above 30 some days ago, is now trading below 20 indicating stability. The markets have come out of the Omicron worries.
With the ongoing fight between FIIs and DIIs, you can expect volatility on the expiry day. I will watch 17,600 on the upside for strength as profit booking may kick in as NIFTY nears the level. 17,500 can be watched for an immediate up-move. 17,400 will be a decisive level if NIFTY moves down.
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